We’ve received news that the collapse of an Australian company has resulted in many expats losing a lot of money. If you are affected by this, a website has been set up for victims to garner support for a ‘Fair and Just Resolution’: LM Investor Victim Centre.
Below is a press release by the developer of the website.
Investors facing $350 million loss join forces to demand action
Hundreds of irate investors who face losing up to USD$350 million following the collapse of an Australian property scheme have called for extensive new investigations.
Blaming adverse currency fluctuations, LMIM entered voluntary administration in March 2013. Around 4,500 investors now face losing all of their money as a result, which totals US$350 million. The LM Managed Performance Fund included the $1 billion Maddison Estate on the Gold Coast as its main asset. Many investors were UK expats looking to boost their pension funds.
One investor from the UK has created The LM Investor Victim Centre, an online site for victims of the crash. In approximately four months it has received the support of more than 390 victims of the collapsed Australian registered investment management company, LMIM. In total, they invested over US$30 million. The LM Investor Victim Centre (LMIVC) is at web address https://sites.google.com/site/lminvestorvictimcentre/
LMIM, which was licensed and regulated by the Australian authorities, initially offered 3-5 percentage points higher annual return on investments over cash rates by claiming to deploy a range of investment positions in the Australian commercial and residential property markets.
But over nine months after the collapse, trustees and administrators are indicating returns from fund wind ups of a mere 17% and 5% of investors’ monies for the two prominent funds, the FMIF and the MPF respectively, raising serious questions over the behavior of LM in managing the investors’ monies.
The LM Investor Victim Centre’s aim is for ‘A Fair & Just Resolution for LM Investors’ and it is seeking to highlight the apparent failure of Australian national audit, financial and investment management regulatory systems.
End of Press Release
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